XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.8.0.1

Earnings Per Share | 9 Months Ended
--- | ---
Sep. 30, 2017
Earnings Per Share [Abstract] |
Earnings Per Share | Note 11—Earnings Per Share Basic earnings per share (“EPS”) is calculated by dividing net income available to common shareholders by the weighted average shares outstanding during each period. Dilutive EPS is calculated by dividing adjusted net income available to common shareholders by the weighted average number of diluted common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for the diluted EPS calculation consists of (i) unvested restricted stock and performance stock units, outstanding stock options and warrants using the treasury stock method, and (ii) the Company’s Class C common stock using the “if-converted” method, which is net of tax. Shares of the Company’s unvested restricted stock and performance stock units are eligible to receive dividends; however, dividend rights will be forfeited if the award does not vest. Accordingly, these shares are not considered participating securities. Shares of the Company’s Class C Common Stock and warrants do not share in earnings or losses and are therefore not participating securities as well. In addition, the Company’s shares of Series B Preferred Stock were converted into shares of Class A Common Stock on May 25, 2017 as a result of shareholder vote. As such, the Company no longer has any participating securities and therefore does not utilize the two-class method. The following table reflects the allocation of net income to common shareholders and EPS computations for the periods indicated based on a weighted average number of common stock outstanding for the period:
(in thousands, except per share data) | For the Three Months Ended September 30, 2017 |  | For the Nine Months Ended September 30, 2017
Net income attributable to common shareholders | $ | 14,447 |  |  | $ | 45,032 |
Add: Income from conversion of Class C Common Stock | 1,193 |  |  | 3,196 |
Adjusted net income attributable to common shareholders | 15,640 |  |  | 48,228 |
Basic net earnings per share | $ | 0.06 |  |  | $ | 0.20 |
Diluted net earnings per share | $ | 0.06 |  |  | $ | 0.19 |
Basic weighted average shares outstanding | 223,622 |  |  | 227,557 |
Add: Dilutive effects of equity awards | 2,598 |  |  | 4,481 |
Add: Dilutive effects of conversion | 19,156 |  |  | 19,156 |
Diluted weighted average shares outstanding | 245,376 |  |  | 251,194 |
For the three months ended September 30, 2017, the diluted earnings per share calculation excludes 1.5 million stock options that were out-of-the-money, as there effect was anti-dilutive, and for the nine months ended September 30, 2017, the diluted earnings per share calculation excludes 1.0 million stock options that were out-of-the-money, as there effect was anti-dilutive.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration